Articles From Lumsden McCormick
Has Your Manufacturing Company Conducted a Benchmarking Study?
Posted by Jonathan Roller on March 24, 2026
While financial statements can provide a snapshot of your company’s financial health, a benchmarking study offers the deeper insights needed to interpret that picture and drive smarter decisions.
Building a Culture of Accountability in Nonprofits
Posted by Jill Johnson on March 13, 2026
When nonprofit leaders embrace accountability, it can transform the organization. Start with clear ethics, strong leadership and transparent communication. Here’s how.
Your Health Savings Account and Your Estate Plan: What You Need to Know
Posted by D’Marie Kleeman on March 11, 2026
A Health Savings Account (HSA) is a tax-efficient way to fund health care costs during your life while helping build more assets for your heirs. But careful planning is critical, especially when it comes to the HSA beneficiary designation.
Manufacturers: Boost Working Capital By Strategically Managing Inventory
Posted by Angela Miles on March 09, 2026
Given the high costs of maintaining inventory, now’s a good time for manufacturers to explore options to control them. Here are a few.
What’s Your Potential Business Vehicle Deduction?
Posted by Megan Morris-Smith on March 04, 2026
There’s much to consider before deciding whether to use the actual expense method or cents-per-mile method to deduct expenses for a vehicle your business placed in service in 2025.
April 15 Isn’t Only the Income Tax Return Filing Deadline, It’s Also the Gift Tax Return Filing Deadline
Posted by Amanda Ornowski on March 02, 2026
Many people are surprised to learn that they can be required to file a federal gift tax return even when no gift tax is owed. Here are the rules.
When Nonprofit Teams Don’t See Eye to Eye on Financial Reporting
Posted by Jenna Sheehan on February 26, 2026
When Accounting and Development teams clash, nonprofits pay the price. Learn how better coordination protects funding and strengthens your mission.
Play It Smart By Naming Co-Executors
Posted by Robert Ingrasci on February 24, 2026
Naming a trusted family member as executor may be a natural choice, but it may not be the best one. Here’s why naming a professional advisor as a co-executor is often a better option.
Deferring Taxes on Advance Payments
Posted by Brian Kern on February 23, 2026
If your business uses the accrual method of accounting and received advance payments in 2025, you may be able to defer reporting some or all of that income until 2026 for federal tax purposes.
To Maximize — Or Not to Maximize — Depreciation Deductions on Your 2025 Tax Return
Posted by Kristin Re’ on February 19, 2026
Claiming the maximum depreciation deductions you can on your 2025 income tax return will generally provide the greatest 2025 tax savings. But sometimes it may be better to depreciate business assets over a period of years.